worst nightmare ! ... please don't go to 22c , page-38

"its not just 68million oz x $1200 basket price divided by our 50% share"

Exactly. NKP wont have anywhere near 50%. They only get (at best) 50% of 74%, ie 37%. The final split should be:
50 JV Partner
37 NKP
13 Genorah

Since Genorah own 60% of NKP, their total exposure will be 60% of 37% plus their outright 13%. So if they can find a free carry JV deal(eg Xstrata), they will have the equivalent of 33% free carried position. Very smart operators IMO.

Their is also a strong chance that the full 50% will come from NKP and Genorah keep their 26% because they may be needed as BEE partner in the new venture and they have the tribes onside and permits in their names.

"the BFS wil be done to specificlly fit that partners needs"

You could be right. In fact SHOULD be right. However why have NKP been stringing people along for years with promise of the all illusive BFS?

They have always known optimization would be required to fine tune certain elements to suit the potential acquirers. Eg Anglo using existing (neighbouring) infrastructer.

Cant help but feel a share consolidation is on the way. Their is almost no outcome that will not require a cash injection, unless a deal comes pronto.